The central bank retired a previous strategy and on Friday unveiled a new approach that updates how inflation and employment are balanced.

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Behind closed doors, officials at the Federal Reserve said much the same as they've said in public: that concerns over tariffs stoking inflation led them to keep the central bank's interest rate flat in July instead of cutting it.

Most Federal Reserve officials highlighted inflation risks as outweighing concerns over the labor market at their meeting last month, as tariffs fueled a growing divide within the central bank’s rate-setting committee.

South Africa's rand was weaker in early trade on Tuesday, as investors looked to the Fed's Jackson Hole symposium for hints on the U.S. interest rate trajectory, while also eyeing inflation figures from Africa's most industrialised economy.

Federal Reserve Chair Jerome Powell delivers a high-profile address at the annual Jackson Hole Economic Policy Symposium.

Federal Reserve Bank of Chicago President Austan Goolsbee said while some recent inflation readings have come in better than expected, he hopes one “dangerous” data point is just a blip.

Gold slipped on Friday due to a firmer dollar, with markets awaiting U.S. Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole symposium for more insight on the Fed's monetary policy path.